North Dakota Investment Board Seeks MBS Manager
David Hunter, the relatively-new chief investment officer of the North Dakota State Investment Board, which manages many state funds including the North Dakota Legacy Fund is searching for a mortgage-backed securities manager. The amount to manage is around US$ 115 million. The board has put Western Asset Management on watch for performance and personnel changes.
The North Dakota Legacy Fund has surpassed US$ 1.7 billion in assets. The sovereign fund is on an 18-month plan to diversify its asset allocation from short-term fixed income assets. Sovereign wealth per capita is estimated at US$ 2,430 per person.
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